API welcomes federal report showing forty times the stimulus from oil and gas

The API has welcomed a report from the US Energy Information Administration (EIA), the independent statistics arms of the Department of Energy, revealing that oil and natural gas created jobs 40 times faster than the broader economy from 2007 to 2012.

The EIA also outlined that, despite the economic recession, the high paying jobs provided by the industry delivered an amplified boost to America’s economic growth.

Furthermore, the federal figures reflect only one portion of the industry’s contribution to America’s economic recovery. A recent report from PwC covering production, as well as refining, distribution, and other aspects of the industry, showed that oil and natural gas supported 9.8 million American jobs in 2011, an increase of more than 600 000 jobs in two years.

‘Oil and natural gas have been pillars of economic strength during a very difficult time, and this is just the beginning’, commented API Chief Economist John Felmy.

‘If Congress and the administration are willing to support America’s domestic energy production, oil and natural gas are poised to fuel an economic renaissance. To unlock that potential, Washington needs to expand access to domestic energy resources, speed up permitting, and end the broken ethanol mandate’.

‘This is proof positive that we have a tremendous opportunity to create millions of jobs, increase household wealth, and secure America’s energy future’.